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A leading Canadian developer of high technology and a producer of advanced materials and nanomaterials
Message: Deposit Notice of Intention
| January 16, 2009 |
| Raymor to Deposit Notice of Intention |
| BOISBRIAND, QUEBEC--(Marketwire - Jan. 16, 2009) - Raymor Industries Inc. ("Raymor") (TSX VENTURE:RAR) announces that Raymor and some of its subsidiaries filed today with the official receiver a notice of intention to make a proposal under the Bankruptcy and Insolvency Act. The filing is intended to facilitate the Company's ability to successfully implement a restructuring plan. As a result of the filing, any actions against Raymor and some of its subsidiaries will be automatically stayed, pending the outcome of the proposal process. The Company is required to file its proposal within 30 days unless an extension is granted by the courts. Raymor will continue to operate in the normal course of business and continue delivering orders to its client as it prepares its proposal to creditors. "Clearly, while not our preferred course of action, a Notice of Intention filing is necessary to allow Raymor Industries to make the required changes to operate effectively and profitably in a difficult financial environment. We are negotiating with two financial groups that have declared their interests in providing us with Debtor-in-Possession (DIP) financing allowing us to restructure. The company is also reviewing a potential sale of one its division". said Stephane Robert , President of Raymor. "Considering the 2008 difficult market conditions, Raymor was able to continue the qualification of its products and acquired several accreditations. Since its third reporting quarter, Raymor was actively searching different sources of financing against existing purchase orders, which will be possible to complete in a restructuring plan. We must add that, since 2006, the pending litigation related to its technology of single-walled carbon nanotubes intended by Raymor had a significant impact on the company." added Mr. Stephane Robert. The management intends to provide regular updates with respect to both its financial position and its creditor obligations. |
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